Business News: Festive Season Witnesses Rise in Wheat Prices, Record Eight-Month High

21 Oct, 2023 Author: Ayushee Joshi

Wheat Price News: After the country saw a massive surge in the price of tomatoes a few months earlier, the Indian thali is yet again triggered by the increasing price of wheat. The Indian wheat prices reached an eight-month high, driven by increased demand during the festive season, tight supply, and import duties that prevent domestic flour mills from purchasing wheat from outside. While people in festive seasons receive high discounts and cashback offers, there has also been an attack on the pockets of the common man by the high prices of basic food needs.

Wheat Price Increase

Wheat prices in New Delhi rose 1.6% to Rs 27,390 per metric tonne on Tuesday, the highest since February. Over the last six months, prices have risen by approximately 22%. Compared to a five-year average of 37.6 million tonnes, the amount of wheat in government warehouses as of October 1 was only 24 million metric tonnes. The government must either let wheat imports at no tariff or expand sales by government agency FCI in order to enhance market availability, according to the wheat milling sector.